Comments on ACA need to know: What's 'modified adjusted gross income?'Hint: For students and others applying for tax credits on the healthcare marketplace, it's not the same as "adjusted gross income." TypePad2013-09-26T14:32:27ZMiami Heraldhttp://miamiherald.typepad.com/health/tag:typepad.com,2003:http://miamiherald.typepad.com/health/2013/09/aca-need-to-know-whats-adjustable-gross-income/comments/atom.xml/Patricia Borns commented on 'ACA need to know: What's 'modified adjusted gross income?''tag:typepad.com,2003:6a00d83451b26169e2019b004b7085970b2013-10-25T10:57:23Z2013-10-25T10:57:23ZPatricia BornsGood to have it verbatim. Thanks, Freelance.<p>Good to have it verbatim. Thanks, Freelance. </p>Freelancer commented on 'ACA need to know: What's 'modified adjusted gross income?''tag:typepad.com,2003:6a00d83451b26169e2019b0047e16c970b2013-10-24T21:52:02Z2013-10-24T21:52:02ZFreelancerhttp://obamacareguide.wordpress.com/MAGI for the affordable care act is defined in 26 USC 36B as follows: The term “modified adjusted gross income”...<p>MAGI for the affordable care act is defined in 26 USC 36B as follows:</p>
<p>The term “modified adjusted gross income” means adjusted gross income increased by—<br />
(i) any amount excluded from gross income under section 911,<br />
(ii) any amount of interest received or accrued by the taxpayer during the taxable year which is exempt from tax, and<br />
(iii) an amount equal to the portion of the taxpayer’s social security benefits (as defined in section 86 (d)) which is not included in gross income under section 86 for the taxable year.</p>
<p>Under the law as currently written, there are no add-backs to AGI other than than untaxed interest, the untaxed portion of social security benefits, and income subject to the foreign earned income exclusion. </p>
<p>(Note: the law is subject to change. A person with above-median income who is uncertain of 2014 MAGI can sign up for the exchange, opt to defer taking any subsidies, and instead take any potential benefit as a tax credit in 2015. If you miscalculate and accept a subsidy that is larger than you are entitled to, you will have to pay back some or all of that with your tax return, depending on your actual income level)</p>
<p>More info here: <a href="http://obamacareguide.wordpress.com/2013/10/21/evolution-of-magi/" rel="nofollow">http://obamacareguide.wordpress.com/2013/10/21/evolution-of-magi/</a></p>Patricia Borns commented on 'ACA need to know: What's 'modified adjusted gross income?''tag:typepad.com,2003:6a00d83451b26169e2019afff25e11970b2013-10-11T19:49:10Z2013-10-11T19:49:10ZPatricia Bornshttp://miamiherald.typepad.com/health/Shawn, thanks for your clarification about the business expenses that reduce taxable income apart from AGI. We've changed the post...<p>Shawn, thanks for your clarification about the business expenses that reduce taxable income apart from AGI. We&#39;ve changed the post soas not to confuse the two. The IRS and other tax experts confirm that AGI and MAGI aren&#39;t the same thing. </p>Shawn Harrington, EA commented on 'ACA need to know: What's 'modified adjusted gross income?''tag:typepad.com,2003:6a00d83451b26169e2019afff2a0a0970d2013-10-11T19:13:11Z2013-10-11T19:28:21ZShawn Harrington, EAI have never seen five paragraphs with this much incorrect information. First, personal exemptions and itemized deductions have nothing to...<p>I have never seen five paragraphs with this much incorrect information. First, personal exemptions and itemized deductions have nothing to do with Adjusted Gross Income. They are deducted to arrive at Taxable Income, an entirely different number. Second, the third paragraph is just plain wrong. This article should be removed.</p>Patricia Borns commented on 'ACA need to know: What's 'modified adjusted gross income?''tag:typepad.com,2003:6a00d83451b26169e2019affcf022a970d2013-10-06T11:36:28Z2013-10-06T11:36:28ZPatricia BornsThanks, 16, much apreciated.<p>Thanks, 16, much apreciated.</p>Patricia Borns commented on 'ACA need to know: What's 'modified adjusted gross income?''tag:typepad.com,2003:6a00d83451b26169e2019affbc5d96970d2013-10-02T15:08:20Z2013-10-02T15:08:20ZPatricia Bornshttp://miamiherald.typepad.com/health/:) You had to ask. MAGI still allows you to deduct the expenses of carrying on a trade or business,health...<p>:) You had to ask. <br />
MAGI still allows you to deduct the expenses of carrying on a trade or business,health savings account deductions, work-related moving expenses, half of self-employment, and other standard deductions you take for your AGI. Just watch for the MAGI&#39;s special exceptions. </p>Kay commented on 'ACA need to know: What's 'modified adjusted gross income?''tag:typepad.com,2003:6a00d83451b26169e2019affbbaf85970c2013-10-02T14:46:34Z2013-10-02T14:46:44ZKayO.k. so what is the "modified adjusted gross income" comprised of?<p>O.k. so what is the &quot;modified adjusted gross income&quot; comprised of?</p>